[DigitalToday reporter Yoonseo Lee (이윤서)] ETF manager REX Shares and asset manager Tuttle Capital Management have launched a leveraged ETF that tracks bitcoin treasury company Strive’s stock at twice the pace.

Cointelegraph, a blockchain outlet, reported on Sept. 19 local time that the new product is called the T-REX 2X Long ASST Daily Target ETF and trades under the ticker ASSX.

The ETF began trading on Cboe on Sept. 18. Its management objective is to deliver 200 percent of Strive’s daily performance before fees and expenses. Investors gain leveraged exposure to Strive’s stock moves, not the bitcoin price itself.

The key point is that its structure differs from existing spot bitcoin ETFs. ASSX does not hold bitcoin and is not a product that tracks the bitcoin price. Instead, it provides leveraged exposure to Strive shares. Leverage is also rebalanced daily. As a result, returns can differ significantly from changes in Strive’s share price if held for more than a day.

REX and Tuttle said the product seeks twice Strive’s daily share performance. They also presented ASSX as designed to target 200 percent daily performance on Strive’s stock. The product’s structure also shows a strong focus on short-term trading demand.

Strive is an asset manager and a listed company that runs a bitcoin treasury strategy. It currently holds 25,000 BTC, according to bitcointreasuries.net. That is the fifth-largest amount among listed companies. It recently bought an additional 469 BTC using funds raised through the sale of perpetual preferred stock SATA.

REX and Tuttle also said they already manage 2x ETFs linked to Strategy, BitMine, Cipher Mining, Circle and SharpLink. Separate from ETFs that hold bitcoin directly, the launch is read as reflecting a widening set of leveraged products that bet on stock-price volatility in bitcoin-holding companies or crypto-related listed firms.

A point to watch is how much ASSX absorbs the link between Strive’s share price and bitcoin market flows. Still, the product is clearly limited by the fact it is not structured to invest in spot bitcoin and leverage is reset on a daily basis. As a result, investment performance can vary widely depending on Strive’s share-price volatility and the holding period.

$ASSX is live: the T-REX 2X Long ASST Daily Target ETF. 200% of one day's move in Strive, Inc. ($ASST), rebalanced at every close. $ASST is one of the largest corporate bitcoin holders in the market, and its stock rarely sits still: bitcoin, capital raises, short interest. Now… pic.twitter.com/q6ySeF7QJu